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Crossroads Systems Sees Steep Drop In Revenues

Austin-based Crossroads Systems reported a steep drop in the firm's revenues for the first quarter of its fiscal year, due to a decrease in business from the firm's largest OEM. According to publicly held Crossroads, it had revenues of $3.2M in Q1 of 2009, compared with revenues of $7.2M for the fourth quarter. Crossroads licenses and develops data storage products, including products for monitoring backup tapes, Fibre Channel routers, and other related products. Crossroads said that the OEM in question is a "large percentage" of its business, and because of its business fluctuations in had both a decrease in license revenue and a decrease in deferred revenue. Crossroads also said it took a restructuring expense of $217,00 in Q1. Crossroads' major OEMs have included HP and Sun Microsystems, who white label the firm's products as part of their data storage portfolio.